Single Family Home Sales in the Long Beach Island Real Estate Market and Haven Beach
The real estate market in Haven Beach reported only one closed transaction during the first quarter of 2016 , however this transaction offers a unique insight into the greater LBI real estate market. The single home to sell was 15 West Nevada Ave. which was a storm damaged home being sold as is. This property sold for $450,000 after spending 385 days on the market. The sales price to list price ratio was 91.84% of the original listing price and the sale represented a price per square foot of $272.07.
The fact that this home was sold as is and what storm damage the most to believe it is going to be torn down to make way for new construction. In fact, the buyers have renovated the home and plan to use it in the present form. This is interesting because it raises questions about the renovation limits that cannot be breached before a house has to be raised. If a structure is being substantially damaged, in other words the renovations will exceed 49% of the replacement cost of a home, the entire structure needs to be brought up to code, including raising the house above the new base flood elevation requirements. If a home is going to be fully renovated and raised, it makes far more sense to simply care the building down and build a new house in its place. While building a new home will in all likelihood cost more than a raise/renovation, the future value of a new construction will far outweigh the renovated and raised home. That said, it is nice to see some buyers preserving the original structures and maintaining the look and feel of the existing neighborhood. This is especially true in Haven Beach where many homeowners have elected not to build new homes, and rather keep the look of Haven Beach intact. For more information about Haven Beach real estate first-quarter sales in 2016 or the Long Beach Island real estate market in general, contact me and I will be happy to answer any questions you have.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org
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